Use the traditional method of hypothesis testing unless otherwise specified. Assume all variables are normally distributed.

Find the P-value for the z test in Exercise 16.

Data from in Exercise 16

A real estate agent believes that the average closing cost of purchasing a new home is $6500 over the purchase price. She selects 40 new home sales at random and finds that the average closing costs are $6600. The standard deviation of the population is $120. Test her belief at α = 0.05.

For the following exercises where applicable:

a. State the hypotheses and identify the claim.
b. Find the critical value(s).
c. Compute the test value.
d. Make the decision.
e. Summarize the results.